Innovation in Mobile Banking – Part 1

Banks have evolved a long way since the start of this millennium. With ATMs, Cards, and Internet banking, IT has helped in revolutionizing the banking industry globally. Evolving payment mechanism also fuelled the fast pacing economic growth and enabled businesses across the globe to flourish.

In the late 20th century, something started revolutionizing the way people communicated and the same went ahead and revolutionized the way people did banking. Yes, they are mobile phones. The widespread use of mobile phones and the advent of smartphones have led to a digital revolution worldwide, and it has now matured and become an integral part of our life. Smartphones have made our life easier by bringing information to our fingertips and have enabled us to perform actions based on it, with ease. Likewise, it has also brought the bank branches onto our palms via mobile banking.

Why Innovate Mobile Banking?

Mobile Banking not only revolutionized banking but has also bought financial inclusion to millions of people who have no access to the traditional branches. From just being a transactional feature, mobile banking has rapidly evolved to be a customer experience driving channel today. Its potential, significance and cross-selling capabilities have put it in a key position in the digital strategies of all banks globally.

Banks and FinTech companies have now put an unprecedented effort to drive innovation in the mobile banking space in order to

Simplify the processes

Obtain customer insights

Engage customers

Stand apart from the competition

What’s Hot?

The following are the top innovations that are trending in mobile banking space.

Face Recognition AKA Selfie Banking

Biometric Authentication

Voice Recognition & Voice Ordering

Image Based Banking

Quick Loan Approvals

Omni-Channel Banking

Product & Service Innovation

Contactless Payment Solutions

Social Media Banking

Cardless Cash Access

Next Gen Technology Integration

We’ll have a detailed look on each of the above in the subsequent posts in the series.

About The Author: Gokoulane Ravi is a foodie, technology enthusiast, and a developer turned marketer with more than 5 years of experience in the space of mobility. When he is not working, he likes to read, write, run and cycle.